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☆ 'Big downside revisions coming': A famed economist who called the 2008 recession warns jobs data will shockingly turn sour in the next 6 months — and says a stock-market AI bubble is starting to unrav
▼ + stars: | 2024-05-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Over that time, the non-farm payrolls survey showed that the US economy gained 640,000 jobs. In addition to believing jobs data is distorted, Rosenberg has said in recent months that stock prices and valuations are disconnected from the macroeconomic picture. The chart below shows the AI boom — represented by the yellow line — with AI stocks climbing several hundred percent since 2022. Rosenberg ResearchDownturn or no downturnRosenberg has been notoriously bearish over the last couple of years, repeatedly warning of a recession. Pantheon MacroeconomicsAs Rosenberg points out, the longer the Fed keeps rates elevated, the higher the risk of a recession becomes.

Persons: David Rosenberg, Rosenberg, Merrill Lynch's Organizations: Labor Statistics, Business, Rosenberg Research, BLS, Dynamics, Federal Reserve, Nvidia, Bloomberg, Treasury

☆ Dozens of Migrants Die After Their Dinghy Deflates in the Mediterranean
▼ + stars: | 2024-03-14 | by ( Gaia Pianigiani | More About Gaia Pianigiani | ) www.nytimes.com time to read: 1 min

A European humanitarian aid group said on Thursday that about 50 migrants died after their small boat deflated during an attempt to cross the central Mediterranean Sea. A ship belonging to the charity, SOS Mediterranee, spotted the deflating rubber dinghy on Wednesday, in international waters under the Libyan rescue jurisdiction. The survivors told the charity that they had been adrift for four days, since the engine on their dinghy broke. Some 50 other people were with them when they departed from the Libyan port of Zawiya, they told the rescuers, including two infants and four women. Valeria Taurino, the director general of SOS Mediterranee, said the situation on board was “disastrous.”

Persons: Valeria Taurino, ” Organizations: SOS Mediterranee Locations: Zawiya

☆ China doubles down on manufacturing, leaving real estate behind
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — China revealed this week it aims to spend more than a billion dollars to bolster manufacturing and domestic tech in a bid to remain globally competitive, while divulging little new support for the struggling real estate market. Industrial support clearly ranked first on Beijing's priority list for the year ahead, according to three major plans released this week as part of China's annual parliamentary meetings. Chinese authorities in 2020 intensified a crackdown on real estate developers' high reliance on debt for growth. Within that second priority, the finance ministry said it would allocate 31.3 billion yuan for improving vocational education. The government work report presented by Premier Li Qiang gave real estate a similar level of prominence.

Persons: Frederic Neumann, Li Qiang Organizations: Seres, China News Service, Getty, Ministry of Finance, HSBC, UBS, National Development, Reform Commission Locations: Chongqing, China, BEIJING, Asia, Beijing, U.S

☆ Deflation: Here's where prices fell in January 2024, in one chart
▼ + stars: | 2024-02-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

These are the big deflationary factors"A lot of factors have come together to push goods prices down," said Mark Zandi, chief economist at Moody's Analytics. In addition to normalizing supply-demand dynamics, a historically strong U.S. dollar relative to other global currencies has also helped rein in goods prices, Zandi said. Falling energy prices have also put downward pressure on goods prices, due to lower transportation and energy-intensive manufacturing costs, economists said. Lower energy prices also put downward pressure on the transportation of food to store shelves. Consumers get more for roughly the same amount of money, which shows up as a price decline in the CPI data.

Persons: RC Willey, George Frey, Jay Bryson, there's, Mark Zandi, Zandi, rebalancing, J.P, Hopper Organizations: RC, Bloomberg, Getty, U.S . Bureau of Labor Statistics, Wells, Wells Fargo Economics, Moody's, U.S . Federal, Services, Finance, Morgan's, Investment, Group, of Labor Statistics Locations: Draper , Utah, Wells Fargo, U.S, Salinas, California

☆ Cultural differences between the US and Europe: Americans bond over similarities while Europeans connect on differences
▼ + stars: | 2024-02-09 | by ( Allie Hutchison | ) www.businessinsider.com time to read: +5 min

But in my conversations in Europe, I've noticed people connect because of our differences. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . When I moved to Europe, I noticed that conversations felt differentI moved to Europe seven years ago and spent time in Italy, Switzerland, France, Spain, and the UK. I'm currently living in Portugal, and during my time abroad, I've noticed that conversational glue tends to be of a different nature. Though I'm not sure there's a correct answer, I've found beauty in seeing others through the lenses of both our similarities and our differences.

Persons: It's, I've, —, Barbie, Leonardo DiCaprio, Britney Spears, Alfred Hitchcock, Rodgers, Hammerstein, I'd, I'm, Astrud Gilberto, Heidegger Organizations: Service, Super Locations: Europe, Italy, Switzerland, France, Spain, Portugal, Brazilian

SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Nikki Haley’s ‘Rock’ Is Watching Her Campaign From a Distance
▼ + stars: | 2024-02-04 | by ( Ken Bensinger | Matthew Rosenberg | ) www.nytimes.com time to read: 1 min

When Nikki Haley conceded her deflating third-place defeat in the Iowa caucuses this month, the first person she thanked was nearly 8,000 miles away. “I want to say to my husband, who is deployed, who I know may or may not be watching this right now — Michael, I love you,” she said, standing in front of a row of American flags. “What keeps me going at night is that we sleep under the same stars.”It was an unusually personal and almost saccharine note for a politician known for her tough exterior. But it was hardly out of place. Even in his absence, Maj. Michael Haley, a National Guardsman serving a voluntary, yearlong deployment in Africa, has played an outsize role in his wife’s increasingly lonely attempt to snatch the Republican nomination from former President Donald J. Trump.

Persons: Nikki Haley, Michael, ”, Michael Haley, Donald J, Trump Organizations: National Guardsman Locations: Iowa, Africa

☆ I got a dangerous surgery at 16 to stop excessive facial blushing, and it ruined my life. Decades later, I can't feel emotions.
▼ + stars: | 2024-02-03 | by ( Gary Nunn | ) www.businessinsider.com time to read: +5 min

At 16, he got an endoscopic thoracic sympathectomy to correct his excessive facial blushing. He's now 40 and still suffering the side effects from the surgery; he can't feel emotions. I couldn't do the things I wanted to do: feel comfortable approaching a girl, speak in front of the class, do drama. AdvertisementThe surgery is most often sought to mitigate excessive sweating (usually of the palms), but sometimes it's used for facial blushing. The side effects have lasted decadesThe surgery took less than an hour, and it has changed my whole life.

Persons: He's, —, John Larsen, it'd, wasn't, I'd, It'd, There's, who've, It's, I'm, I've Organizations: Service, ETS

In the midst of that deflating loss to the Raiders, their fifth in eight games, Chiefs coach Andy Reid and his offensive brain trust came to the realization that their famously complex offense had grown — well, too complex. “It's a complex offense. One of the problems the Chiefs had against the Raiders was the time it took to get plays into the game. Reid is usually calling them from the sideline, but it is Nagy whose radio is connected to Mahomes' helmet. And now, we're going to the Super Bowl, and like I've said, we're not done."

Persons: Patrick Mahomes, Andy Reid, Matt Nagy, pare, Reid, Mahomes, “, ” Mahomes, Alex Smith, ”, Brett Veach, Nagy, Nobody, ” Nagy, I've, we're Organizations: KANSAS CITY, Kansas City Chiefs, Super Bowl, Las Vegas Raiders, Kansas City, Raiders, Chiefs, Miami, Vegas, Bills, Ravens, San Francisco 49ers, ” Chiefs, AFC West, decibel, Super Locations: KANSAS, Mo, Las Vegas, Mahomes

☆ Opinion | Is the Trump Threat Too Serious for Humor?
▼ + stars: | 2024-01-28 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “I’ve Told My Last Trump Joke,” by David Kamp (Opinion guest essay, Jan. 24):I encourage Mr. Kamp to keep telling Donald Trump jokes. Mr. Trump is a serious threat to American democracy and the institutions of a pluralistic society, so I understand Mr. Kamp’s fear that jokes make the danger seem trivial. However, alongside every joke aimed at deflating Mr. Trump stands the fact that 74 million American citizens voted for him in 2020, and even more may vote for him and autocracy in 2024. Certainly, Mr. Kamp needs better jokes than the sophomoric epithet “short-fingered vulgarian,” which merely places the comic on the same immature level as Mr. Trump. But jokes that remind us of his disdain for democracy, pluralism and decency can be a powerful weapon against Mr. Trump’s campaign.

Persons: David Kamp, Jan, Kamp, Donald Trump, Trump, MAGA, Biden Locations: American

☆ A simple, low-cost protection trade for those doubting this bull market
▼ + stars: | 2024-01-22 | by ( Michael Khouw | ) www.cnbc.com time to read: +9 min

For an agonizing month, the S & P 500 toyed with the prior all-time highs of January 2022 before finally breaking through to new all-time highs on Friday. Yet here we are, reviewing the biggest trading day of the year so far, and AMD was the best-performing stock in the S & P. Nvidia was 12th. What is true is that the S & P 500 rises over time. Market Cap weighted indices, such as the S & P 500 represent the largest and generally most successful publicly traded companies. Notice that a January 2025 SPDR S & P 500 Trust (SPY) $460 strike put costs just over $16 per contract.

Persons: bender, Stocks, SPDR Organizations: AMD, Nvidia, Healthcare, Centene Corp, United Health, Enphase Energy, SEC, Investors, Apple, Microsoft, U.S . Locations: China, U.S

☆ Opinion: ‘Self Reliance’ takes on American individualism at its most absurd
▼ + stars: | 2024-01-12 | by ( Opinion Noah Berlatsky | ) edition.cnn.com time to read: +9 min

CNN —Hollywood films of diverse genres have one point in common — they’re all about the most important person in the universe. That most important person could be an amnesiac assassin fighting a mysterious government conspiracy, or some guy (or girl) seeking true love. They are the main character; everyone else is secondary. The goal of life is success and self-actualization as the main character of your own dream. He’s the most important person in a whole range of familiar narratives, all crammed haphazardly into a 90-minute run time.

Persons: Noah Berlatsky, Noah Berlatsky Noah Berlatsky, Tony Robbins, Deepak Chopra, Tim Ferriss, Marianne Williamson, Jake Johnson’s, you’d, Tommy Walcott, Johnson, Natalie Morales, Andy Samberg, John Wick, baddies, Tommy, isn’t, Maddy, Anna Kendrick, —, he’s, squinty, “, ”, Ralph Waldo Emerson, Tommy isn’t, what’s, Barbie ”, “ Oppenheimer, we’d, you’ve Organizations: CNN, Hollywood, Truman Locations: Chicago

☆ A lot of things are getting cheaper. Here's why you probably haven't noticed.
▼ + stars: | 2023-12-05 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The price of durable goods is deflating, though many Americans may not feel the impact. AdvertisementEven though inflation is still higher than ideal, many things are actually getting cheaper. The prices of durable goods, meaning long-lasting items such as used cars or appliances, have fallen year-over-year for each of the last five months. That decreased demand has helped push down goods prices. AdvertisementTo be sure, most items Americans are purchasing on the daily are still inflating.

Persons: —, Morgan Stanley, durables, HENRYs Organizations: Service, Commerce Department, Street, Federal Reserve, Consumer, Sporting, Services

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Jimmy Haslam, Chancellor Morgan Zurn, Haslam, Zurn, Berkshire, Berkshire countersued, Tom Hals, David Holmes Organizations: Berkshire Hathaway, REUTERS, Rights, Travel Centers, Cleveland Browns, Berkshire, Pilot, Thomson Locations: Omaha , Nebraska, U.S, Rights WILMINGTON , Delaware, Delaware, Delaware's, Berkshire, Knoxville , Tennessee, Wilmington , Delaware

Until the embittered end, Henry Kissinger was one of the trusted few of a distrusting Richard Nixon. Political Cartoons View All 1273 Images“No doubt my vanity was piqued,” Kissinger later wrote of his expanding influence during Watergate. Two years later, Saigon fell to the communists, leaving a bitter taste among former U.S. allies who blamed Nixon, Kissinger and Congress for abandoning them. “The emigration of Jews from the Soviet Union is not an objective of American foreign policy,” Kissinger tells Nixon. And so they did — the Quaker-born Nixon, the Jewish-born Kissinger, on the floor, Nixon in tears about the unfairness of his fate.

Persons: Henry Kissinger, Richard Nixon, Kissinger, Nixon, Gerald Ford, ” Kissinger, ” Ford, “, ”, Donald Trump’s, Trump, ” —, —, — Kissinger, Robert Dallek, Walter Isaacson, David Frost, Isaacson, scrawled, Susan Mary Alsop, Stanley Kutler, “ Henry Kissinger, Jeffrey Kimball, starlets, Kissinger squired, Jill St, John, Shirley MacLaine, Marlo Thomas, Candice Bergen, Liv Ullmann, ” Nixon, H.R, Haldeman, Henry, It’s, Nancy Maginnes, Nelson Rockefeller, Gallup, Le Duc Tho, Tho, Walter, ” Walter, “ Kissinger, Ford, you’ve, ” “, ABC’s George Stephanopoulos, Kissinger demurred, Chile’s, Eisenhower, Augusto Pinochet, Pinochet, ” Peter Kornbluh, ” Heinz Alfred Kissinger, Heinz, Joe DiMaggio ”, Kennedy, Johnson, he’d “, William Rogers, Melvin Laird, Townsend Hoopes, deflating, ” Isaacson, Jimmy Carter, Ronald Reagan’s, diplomat’s Kissinger, George W, Bush, Long, didn’t, Bush “, Anneliese Fleischer, Elizabeth, David, extol Nixon, ” ___, Barry Schweid Organizations: WASHINGTON, Republican, Democratic, “ PBS, ”, National Security Council, State Department, Vietnam, Nixon, Hollywood, Playboy, Newsweek, America, Columbia University, Senate Armed Services Committee, White, Washington Post, New York Times, Yankee, Army, Harvard, Weapons, Rogers, Defense, Manhattan, New York Giants, Lincoln, diplomat’s Kissinger Associates, GOP Locations: U.S, Vietnam, China, Nazi Germany, Southeast Asia, Latin America, United States, Saigon, Soviet Union, White, Cambodia, South Vietnam, Khmer Rouge, Soviet, America, Chile, London, Pinochet, Bavarian, Fuerth, Manhattan, Germany, Pakistan, Beijing, Iraq, Afghanistan, American

☆ Pending home sales drop to a record low, even worse than during the financial crisis
▼ + stars: | 2023-11-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Pending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September. They hit the lowest level since the National Association of Realtors began tracking this metric in 2001, meaning it's even worse than readings during the financial crisis over a decade ago. Because the index measures signed contracts, it is the most recent indicator of housing demand. The realtors continue to say it's not just high rates but still very low supply of homes for sale that is deflating activity. The Realtors noted that sales of homes priced above $750,000 have been increasing simply because there is more supply on the high end of the market.

Persons: it's, Lawrence Yun Organizations: National Association of Realtors, Mortgage News, The realtors, NAR, Realtors Locations: Northeast

☆ Global growth to slow but avoid a hard landing -OECD
▼ + stars: | 2023-11-29 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth in advanced economies that make up the OECD's 38 members was seen headed for a soft landing, with the United States holding up better than expected so far. "Our central projections are for a soft landing, but that cannot be taken for granted," OECD chief economist Clare Lombardelli told a news conference. "Monetary policy needs careful calibration to bring inflation to targets while minimising the impact on growth. The OECD forecast U.S. growth would slow from 2.4% this year to 1.5% next year, revising up its estimates from September when it predicted U.S. growth of 2.2% in 2023 and 1.3% in 2024. Its growth was seen easing from 5.2% this year to 4.7% in 2024 - both marginally higher than expected in September - before slowing further in 2025 to 4.2%, the OECD forecast.

Persons: Vincent Alban, Clare Lombardelli, Lombardelli, Leigh Thomas, Christina Fincher, Catherine Evans Organizations: Shoppers, REUTERS, Rights, Organisation for Economic Cooperation, Development, OECD, Thomson Locations: Chicago , Illinois, U.S, Paris, United States, Germany, Japan

☆ Meghan and Prince Harry's biographer Omid Scobie says he was harassed and called a 'terrorist' for publicly supporting the couple
▼ + stars: | 2023-11-28 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +9 min

AdvertisementIt's the day after Thanksgiving and Omid Scobie has been awake since 5 a.m. at his home in California. Scobie can relate to Meghan Markle's experiencesAfter a while, some British publications started referring to Scobie as Meghan and Harry's "mouthpiece" and "cheerleader," he wrote in the book. Despite having her own tormentors to deal with, Meghan reportedly called Scobie in the summer of 2018 to check if he was OK. AdvertisementRepresentatives for the royal family are yet to publicly comment on the book. Speaking to Oprah Winfrey in 2021, Prince Harry said the royals have an "invisible contract" with the tabloids, where they wine and dine certain reporters in exchange for better coverage.

Persons: Omid Scobie, Scobie, —, Queen Elizabeth II's, Prince Harry, Meghan Markle, Prince William, Kate Middleton, Luke Fontana, Harry, Meghan, Meghan Markle's, It's, I've, Duchess, Doria Ragland, Sara Latham, Carolyn Durand, Duke, Duchess of, Harper Collins, King Charles, Prince William's, King Charles and Prince William, Chris Jackson, William, Rebecca English, Oprah Winfrey, you've, Anita Singh, Piers Morgan, Morgan, Queen Camilla Organizations: Service, ABC, Daily Mail, Mail, New York Times, Getty Images, REUTERS, Daily, Sun Locations: California, Harper's, London, British, Iranian, Sussex, Duchess of Sussex, Buckingham, Kensington

☆ Canada's unprecedented housing crisis could be a warning sign for the US
▼ + stars: | 2023-11-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

The country is also almost certainly heading towards a recession — if it's not already in one — and the housing market is partly to blame, economists say. But immigration is just one of many factors at play — Canada's housing crisis far preceded the rise in immigration. Stillo believes Canada's housing bubble has been slowly "deflating" for the last 18 months, despite an upswing in prices earlier this year. But there isn't consensus on if and when Canada's housing bubble will burst — or even if there is a bubble. While housing prices have flattened recently as demand softens, he says they show no sign of significantly declining.

Persons: —, it's, Mosche Lander, haven't, Mike Moffat, Tony Stillo, Moffat, Lander, Stillo, they're Organizations: Service, Concordia University, Smart Prosperity, University of Ottawa, US, Oxford Economics, America, Bloomberg Locations: Canada, Canadian

☆ Multipolar world opens up surprising safe havens
▼ + stars: | 2023-11-17 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

This new-look cap table leaves the U.S. much more vulnerable to the vagaries of foreign investors than before. In a crisis, foreign investors would rush to buy even more U.S. debt. Reuters GraphicsA less orthodox option would be to invest in emerging markets instead. The last time net equity investment in the U.S. NIIP dipped close to negative territory was as the dot-com bubble was deflating in 2001. In the next six years the U.S. saw net equity outflows equivalent to nearly 30% of GDP.

Persons: Hubert Védrine, Xi Jinping, Joe Biden, ’, Donald Trump’s, exceptionalism, NIIP, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, French, U.S, United, United States, Treasury, Equity, U.S . Treasury, Japan, Democratic, Cooperation Council, Peterson Institute for International, Fed, ECB ”, Thomson Locations: United States, tatters, United, U.S, China, Hong Kong, Switzerland, Singapore, Saudi Arabia, South Africa, Argentina, Mexico, Brazil, Vietnam, India, Chile, Democratic Republic of, Congo, Washington

☆ Harvard-trained parenting expert shares No. 1 message for her own kids: There's no such thing as a 'good college'
▼ + stars: | 2023-11-16 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Kids in the U.S. are locked in a mental health crisis. Pressure from a young age to get into a "good college," as the only path to a successful adult life, may be making it worse. That's why parenting researcher and author Jennifer Breheny Wallace teaches her own three children a very simple concept. "The first thing we need to do is get out of our heads that there is such a thing as a 'good college,'" Wallace tells CNBC Make It. You can save your kids, and yourself, a lot of stress by "deflating that myth that college prestige is the secret to success," says Wallace.

Persons: Jennifer Breheny Wallace, Wallace Organizations: CNBC, Harvard Graduate School of Education, Harvard University, Harvard Locations: U.S

☆ Where prices fell in October 2023 — in one chart
▼ + stars: | 2023-11-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Bloomberg | Bloomberg | Getty ImagesInflation continued its broad moderation in October, down significantly from pandemic-era highs that hadn't been seen in more than 40 years. Why some prices are deflatingwatch nowSome prices, like those for airline tickets and eggs, have also declined off record-high levels. Egg and airline ticket prices are down about 22% and 13% in the past year, according to CPI data. How measurement quirks affect pricesSome of the declines are due partly to measurement quirks. Consumers get more for roughly the same amount of money, which shows up as a price decline in the CPI data.

Persons: hadn't, Andrew Hunter Organizations: Bloomberg, Getty, Capital Economics, CNBC, U.S . Bureau of Labor Statistics, CPI Locations: New, U.S

☆ Sam Bankman-Fried tried to pin his fraud scheme on his closest friends. Then they turned on him for it.
▼ + stars: | 2023-11-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +12 min

A jury found Sam Bankman-Fried guilty in his fraud trial over the collapse of FTX. One by one, his friends flipped to work with the prosecution and threw Bankman-Fried under a much bigger bus. That's how a jury found him guilty of seven counts in his federal fraud trial in downtown Manhattan on Thursday evening. AdvertisementAdvertisementSingh, for example, testified he was "blindsided and horrified" when he found out in November that Alameda had used FTX customer money. The sentencing schedule may depend on a second criminal trial Bankman-Fried faces for alleged illegal campaign contributions.

Persons: Sam Bankman, Fried, SBF, —, FTX, –, Nicolas Roos, Jim Angel, Angel, Caroline Ellison, Gary Wang, Nishad Singh, Bankman, Singh, blindsided, Ellison, Sam, Eduardo Munoz Alvarez, Wang, Singh —, Mark Cohen, Cohen, who'd, Adam Yedidia, Sun, deflating, they're, Chelsea Jia Feng, Danielle Sassoon, Roos Organizations: Service, Prosecutors, MIT, Georgetown, Financial Markets, Alameda, Bankman Locations: FTX, Alameda, Manhattan, Bankman

STATE COLLEGE, Pa. (AP) — Drew Allar threw three touchdown passes, including a 57-yarder to KeAndre Lambert-Smith with 1:46 to play, and No. 10 Penn State's defense forced a late safety to beat Indiana 33-24 on Saturday. Penn State’s sophomore quarterback came up big after making a huge mistake that cost the Nittany Lions the lead. Indiana capitalized with two long touchdown passes to take a 14-7 lead. The Nittany Lions got a 50-yard field goal from Alex Felkins to take the lead moments after the takeaway.

Persons: — Drew Allar, KeAndre Lambert, Smith, Allar, Khalil Dinkins, Tyler Warren, Nick Singleton, Penn, Chris Freeman’s, Dani, Dennis Sutton, Brendan Sorsby, Sorsby, wideout DeQuece Carter, Donaven McCulley, Singleton, Jaylen Reed, Alex Felkins, Warren . Indiana, Omar Cooper, Kaytron Allen Organizations: COLLEGE, Penn, Indiana, NIttany Lions, Nittany Lions, Penn State, Lambert, Hoosiers, Ohio State, The Nittany Lions, Big, UP NEXT Indiana, Wisconsin Locations: Pa, Warren ., Indiana, Happy Valley, UP, Maryland

Chesebro was the third of 19 codefendants in the Georgia case to make a deal, a monumental legal and personal blow to Trump, who highly prizes loyalty among his associates. Another former Trump lawyer, Sidney Powell, entered into a plea deal Thursday, following a September deal by a lesser-known bail bondsman, Scott Hall. While other defendants – especially Trump – have pushed for later trial dates, Chesebro insisted on his right to a speedy trial. Jury selection for his case started Friday, and Chesebro entered into the plea deal hours after potential jurors filed into the courthouse. The Chesebro deal could be the third domino to fall against Trump and other high-level defendants such as former Trump lawyer and New York Mayor Rudy Giuliani.

Persons: Kenneth Chesebro, Donald Trump's, Chesebro, Trump, Joe Biden, Sidney Powell, Scott Hall, –, Fani Willis, Willis, Rudy Giuliani, Joyce Vance, ”, MAGA, Michael Cohen, Arthur Engoron, Engoron, Chris Kise Organizations: Trump, Biden, Biden's, U.S . Capitol, Act, New York, MSNBC Locations: Georgia’s Fulton County, Georgia, Fulton County, New York

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